on a number of factors.
Ratings & Metrics
Multiple Myeloma Research Foundation's rating was adjusted for Joint Costs. If you are a donor who considers direct mail, telemarketing, and other Joint Cost solicitations to be true charitable programs, the below efficiency ratios, which were not adjusted for joint costs, may better reflect your goals.
|Program %||Cost to Raise $100|
|Entity||Document Type||Tax ID|
|Multiple Myeloma Research Foundation & Subsidiaries||Audited Consolidated Financial Statements||multiple|
|Multiple Myeloma Research Foundation||IRS Form 990||06-1504413|
Entity: Multiple Myeloma Research Foundation & Subsidiaries
Document Type: Audited Consolidated Financial Statements
Tax ID: multiple
Entity: Multiple Myeloma Research Foundation
Document Type: IRS Form 990
Tax ID: 06-1504413
Governance & Transparency
|2||Kathy Giusti||Chief Mission Officer||$469,950|
|3||Steven Labkoff, M.D.||Chief Data Officer||$375,230|
Name: Paul Giusti
Name: Kathy Giusti
Title: Chief Mission Officer
Name: Steven Labkoff, M.D.
Title: Chief Data Officer
According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 2 re: Contributed Services), MMRF received donated services in 2020 on which it placed a total value of approximately $574,000; the donated services "consisted of legal, consulting, printing and promotional services."
[Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.]
According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 4, Concentrations):
"The MMRF maintains cash, cash equivalent or investment balances at multiple financial institutions. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation ('FDIC insured') up to $250,000. As of December 31, 2020, cash held in banks in excess of the federally insured limits was approximately $46,384,000. As of December 31, 2020, approximately $46,428,000 of cash equivalents are held at two financial institutions. ... The MMRF believes it is not exposed to any significant credit risk on its cash and investment balances."
According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 2 re: Royalties):
"In exchange for various grant research awards the MMRF awarded, an unaffiliated company gave MMRF a royalty interest in any future sales or licensing of various products or patents developed from the related research. The royalty income is recognized as the payments are determined and they are received or receivable.
"During the years December 31, 2020 and 2019, royalties received were $758,975 and $1,956,025.
"One royalty agreement is capped at $6,000,000. Cumulative payments under this royalty agreement received by the MMRF as of December 31, 2020 and 2019 totaled approximately $4,525,000 and $3,740,000."
According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 16, Uncertainties):
"The MMRF's operations and financial performance may be affected by the coronavirus outbreak which has spread globally and is expected to adversely affect economic conditions throughout the world. As a result of the pandemic, all live events and fundraisers were cancelled and to the extent possible went virtual. The MMRF halted new enrollment to MMRC trials from April to June 2020 in compliance with Food and Drug Administration guidance. There were similar reductions in enrollments from November 2020 through January 2021 due to site restrictions.
"Despite COVID restrictions, the MMRF was able to launch MyCheckpoint platform study, a first of its kind platform trial. By evaluating next-generation checkpoint inhibitors, the MyCheckpoint trial is speeding promising, new immunotherapies to MMRF's highest risk patients, whose myeloma continues to progress despite receiving multiple lines of therapy. The outbreak is likely to adversely affect the MMRF business, financial conditions, and results of operations only on an interim basis."
According to the Multiple Myeloma Research Foundation (MMRF) 2020 tax filing, MMRF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):
Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):
"...Each bonus [from the organization received by employees] was based on the discretion of the compensation committee of the board of directors. Each bonus was based upon a review of the individual's performance, and approved by the compensation committee prior to being awarded."
MMRF reports "Bonus & incentive compensation" payments to 14 individuals in 2020, including $105,000 and $85,000 paid to Kathy Giusti, founder & Chief Mission Officer, and Paul Giusti, President & CEO, respectively. The reported total compensation in 2020 for K. Giusti and P. Giusti is $469,950 and $541,029, respectively. In addition, five individuals received "Bonus & incentive compensation" that ranged from $55,000 to $25,000, with associated reported total compensation in 2020 ranging from $375,230 to $264,506. The remaining seven individuals received "Bonus & incentive compensation" that ranged from $12,000 to $3,500, with associated reported total compensation in 2020 ranging from $246,151 to $150,323 (IRS Form 990, Schedule J, Part II).